President-elect Donald Trump has warned of a 100% tariff on BRICS nations if they attempt to undermine the US dollar. Writing on Truth Social, Trump demanded a commitment that the bloc, including Brazil, Russia, India, China, and South Africa, would not create or support an alternative currency to replace the dollar.
The threat follows an October summit in Kazan, Russia, where BRICS nations discussed reducing reliance on the dollar and promoting local currencies. While the group has expanded to include countries like Iran, Egypt, and the UAE, little progress was made on developing a unified currency or an alternative to the SWIFT system, according to Russian President Vladimir Putin.
Trump, pledging a protectionist approach, stated that any nation pursuing these plans should “say goodbye” to access to the US economy, asserting there is no chance the dollar will lose its dominance in global trade.
